Govt told BEE not progressing quickly enough
The South African government has been told that progress has been very slow in achieving black economic empowerment (BEE) in South African business, with government itself contributing little in terms of procurement from black business. This emerged in a meeting between President Thabo Mbeki and his economic cluster ministers on Tuesday.

Great urgency for agreement on legal charter
There is no final agreement yet on a Legal Services Charter but finalising it is urgent, the Department of Justice and Constitutional Development said on Friday. While there is broad agreement on the need for transformation of ownership of traditionally white firms, there is no agreement on black economic empowerment quotas.

Comair sells 16,1% stake to BEE group
South African airline Comair -- the JSE-listed aviation company that operates British Airways and kulula.com in South Africa -- has selected a broad-based black investment company, Thelo Group, as its partner in a R100-million black economic empowerment (BEE) transaction. Comair will achieve a BEE shareholding of 16,1%, structured via a combination of a cash purchase of shares and a vendor facilitated share issue.

Lafarge signs R1,1-billion BEE deal
Lafarge South Africa on Friday signed a R1,1-billion empowerment deal with consortium Sinako that may result in 26% of its quarries and 10% of its manufacturing businesses in South Africa being sold. Lafarge Mining incorporates aggregates and limestone, and Lafarge Industries incorporates cement, gypsum-plasterboard and ready mix concrete manufacturing.

Coega hit with court challenge over BEE
A Port Elizabeth company has taken the Coega Development Corporation to court after losing a R91-million tender allegedly because it had no black partners. Media reports said on Friday that Scribante Construction's tender for a infrastructure contract was R8-million cheaper than the one that had been awarded.

Datatec, ALT form R800m new BEE company
South African IT group Datatec announced on Tuesday that its South African operations will merge with African Legend Technologies (ALT) to form an R800-million-a-year IT company. Datatec will have a 55% shareholding and African Legend Technologies will hold the remaining 45% in the newly merged entity.

Johncom CEO in hot water over BEE hitch
Johncom CEO Connie Molusi is to decide on Tuesday whether to accept an ultimatum to leave Johncom voluntarily as chief executive, reports Business Day. It said that Molusi had had several run-ins with chairperson Mashudu Ramano over the company's black economic empowerment (BEE) strategy.

Sasol concludes R1,45bn BEE deal
South African petrochemicals group Sasol on Thursday announced that the R1,45-billion Tshwarisano black economic empowerment (BEE) transaction has been successfully concluded. In terms of the agreement, Tshwarisano acquired a 25% shareholding in Sasol's South African liquid-fuels business housed in Sasol Oil.

Business loses Patrice Motsepe to empowerment
Businessman Patrice Motsepe will be stepping down from his high-level position in business organisations to concentrate on black empowerment. He made the announcement at a media briefing on Friday after the National African Federated Chamber of Commerce's (Nafcoc) two-day biannual national conference.

Union opposes plan to limit affirmative action
The National Union of Metalworkers of South Africa (Numsa) opposed attempts by some organisations to limit affirmative action to benefit only people born before February 1990. Numsa was responding to a proposal made by the Tuks Afrikaanse Studente to limit affirmative action.Tomorrow people eye SA

Soweto hopes for an economic miracle
South Africa's famous Soweto township is undergoing an economic metamorphosis as more and more blacks join the middle class, creating a demand for top quality consumer goods. Plans are afoot in the township to build a world-class shopping mall as well as an upmarket hotel.

Fenner SA announces important BEE deal
Fenner South Africa, a manufacturer and distributor of fire-resistant conveyor belting to the local coal-mining industry in which it commands a 75% to 80% market share, has become the first of its sector to conclude a black economic empowerment (BEE) partnership, the company said in a statement on Tuesday.

Black brokers to hold conference on transformation
The Black Brokers Forum, the largest representative body of black financial-services providers in South Africa, will be hosting its first conference to address the numerous issues affecting black professionals and consumers in the local financial-services industry.

Major BEE deal signed under Property Charter
Less than two months after the Property Charter came into effect, Asset Alliance -- holding company of both South Africa's largest auction and valuation companies, Auction Alliance and Valuation Alliance -- on Thursday signed a black economic empowerment (BEE) deal at a company value of R100-million, the biggest deal in the sector to date.

DA: BEE should not sacrifice merit
While the government's affirmative action and black economic empowerment (BEE) policies help a few people in South Africa, they do so at the expense of the desperate many, says Democratic Alliance leader Tony Leon. However, if such policies are implemented without sacrificing merit, it is theoretically possible to achieve a "win-win" situation for all.

Sappi announces land-based BEE transaction
Pulp and paper group Sappi has announced that as part of its ongoing support of the South African government's broad-based black economic empowerment (BEE) objectives, 25% of its South African plantation land portfolio would be sold to an empowerment consortium.

Fresh produce business sells 28% BEE stake
A black economic empowerment company led by Mutle Mogase, chairperson of Vantage Capital, has bought a 28% stake in the Goedemoed, Vredendal, grape and tomato farming business run by Abrie Botha, a leading figure in Western Cape agriculture.

SAB to sell 40% of subsidiary to BEE group
South African Breweries Limited (SAB), a wholly owned subsidiary of SABMiller, on Thursday announced that it has finalised, subject to the fulfilment of certain conditions, the sale of 40% of its crown (bottle top) manufacturer, Coleus Packaging, to the Nokusa Consortium, led by Nokusa Investments in a black economic empowerment (BEE) transaction.

KPMG to conduct annual BEE survey
With black economic empowerment (BEE) codes of good practice and industry charters set to impact on businesses in South Africa, auditing and advisory firm KPMG is to conduct annual BEE surveys, it announced in a statement on Friday. The surveys will be conducted as at December 31 each year, starting with 2005 and the results of the first survey are scheduled to be released in June.

De Beers in process of finalising BEE sale
Diamond giant De Beers said on Wednesday it was finalising the sale of more than a quarter of its South African assets to black partners in a multi-million dollar deal, bowing to pressure to obtain more black ownership. "De Beers and Ponahalo are pleased to announce that definitive transaction agreements have now been signed," the company said in a statement issued in Johannesburg.

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Cheryl Carolus is part of the Peotona consortium, which will own about 4% of Lafarge Mining. (Photograph: Paul Botes)
When the De Beers black economic empowerment (BEE) deal was announced last year, Cheryl Carolus could be described as not being "one of the usual suspects".

Not now. In a short time Carolus, former ambassador to London and darling of those nostalgic for the optimistic non-racialism of the United Democratic Front, has become a firm BEE favourite.

Carolus, Dolly Mokgatle, Wendy Lucas-Bull and Thandi Orleyn make up the Peotona consortium, one of two lead partners of the R1,1-billion BEE deal of cement producer Lafarge. The other lead partner is Motjoli, led by Nchakha Moloi and Nonkqubela Mazwai.

Carolus is a likeable person, but because she used to be a revolutionary she may not escape being called Madame Lafarge, in punning reference to A Tale of Two Cities.

In some ways, the deal encapsulates recent trends in equity transfer.

Politically connected individuals like Carolus have always featured in BEE deals. The difference now is that they head companies or consortia that don't pretend to be broad-based in themselves.

The broad-based component is supplied by what is normally considered corporate social investment.

The mathematically challenged should skip the details of the deal, which are more complex than usual because there are two companies and several beneficiary groups.

Together, all the BEE stakes will make up 26% of Lafarge's mining operation - the Mining Charter target for ownership - and 10% of Lafarge's manufacturing operation.

Suffice it to say that the Sinaka Consortium, comprising Peotona and Motjoli Resources, will each end up owning just less than 4% of Lafarge Mining and about 1,5% of Lafarge Industries.

An education trust, communities around Lafarge's operation and Lafarge's black employees get the lion's share.

However, the value of Peotona's and Motjoli's stakes will be about R165-million each, not small change.

By comparison, the worth of the stake owned by an independent broad-based education trust will be about R437-million. The Employees Share Ownership trust will have R275-million. Communities around Lafarge's operations will own about R58-million.

The education trust is designed to benefit "the visually impaired and historically disadvantaged South Africans (HDSA) from marginalised communities, with particular emphasis on women".

The mechanics of the community empowerment have not been specified, and Jimmy Shiganga of Lafarge says the company is still in discussions with the communities to decide how to disburse the money.

Both these trusts will get preferential dividends worth R80-million over the next 10 years. The company says the dividends will start flowing in next year.

Peotona and Motjoli Resources will get dividends, but these will be used to pay off the finance raised to pay for their stakes in Lafarge.

The company has provided 70% of the finance, with the remaining 30% to come from an unnamed financial institution. The company has not provided guarantees for that 30%.

BEE deals increasingly tend to be broad-based in the sense of benefiting communities and staff. An extreme example of this was the BEE deal of retailer Massmarket. This reserved equity for loyal staff only.

The difference between the Massmart deal and most other BEE deals is that Massmart was not constrained by any charter or official code of good practice.

Firms other than those in the retail industry will have to keep a close eye on the codes or the relevant charter when doing a BEE deal. Increasingly, BEE is a matter of compliance.

What that means is that BEE deals offer little prospect of direct commercial gain, as the rationale for BEE deals in the past. There is less talk of the BEE partners "adding value" or of performance agreements for the BEE partners to earn the shares that they are getting at a discount.

True, the BEE partners in the Lafarge deal are locked in to their investment - and locked in for a long period too. Shiganga says that, barring certain extraordinary circumstances, the lock-in is 10 years.

He adds that the lead BEE parties don't want to be passive investors, but want to be involved in the direction of the company. They are committed to board participation, and will be expected to contribute in "policy-making, strategy and transformation".

However, this is significantly different to some of the unrealistic ideas that used to be advanced of what the BEE partners could add to the business. Carolus and Co are not expected to become sudden experts in mining or marketing.

Since compliance is the order of the day rather than value addition, companies seem to be deciding to shape BEE deals for maximum social impact, and to reward staff, as well as getting the well connected on board as political insurance.

This is more acceptable to shareholders and the broader society than completely narrow-based BEE deals would be - despite narrow-based BEE being arguably more in line with building black business by creating capital accumulation.

Such broad-based deals have rightly been applauded. They should also be monitored to see if they really do make a difference to those the company says it wants to benefit. I will return to this in a year's time to see whether these initiatives are in place, and how they are working.

An interesting aspect of the Lafarge deal is that the company uses the term "HDSA" in referring to the beneficiaries. This has been superseded by government's definition of BEE beneficiaries as "black" - African, coloured and Indian.

The Mining Charters uses HDSA, and counts white women as historically disadvantaged, so that Lucas-Bull, who cannot surely be poor, can be a legitimate beneficiary of the Lafarge Mining deal.

Her participation in the manufacturing side, according to the codes, would dilute the deal. Peotona is overwhelmingly black, and there is no manufacturing charter, so it probably doesn't matter that much in this case.

The company's official announcement also says the employee share trust is for "current and future" HDSA employees. What is a "future historically disadvantaged South African"? A "white person"?

Govt told BEE not progressing quickly enough
The South African government has been told that progress has been very slow in achieving black economic empowerment (BEE) in South African business, with government itself contributing little in terms of procurement from black business. This emerged in a meeting between President Thabo Mbeki and his economic cluster ministers on Tuesday.

Great urgency for agreement on legal charter
There is no final agreement yet on a Legal Services Charter but finalising it is urgent, the Department of Justice and Constitutional Development said on Friday. While there is broad agreement on the need for transformation of ownership of traditionally white firms, there is no agreement on black economic empowerment quotas.

Comair sells 16,1% stake to BEE group
South African airline Comair -- the JSE-listed aviation company that operates British Airways and kulula.com in South Africa -- has selected a broad-based black investment company, Thelo Group, as its partner in a R100-million black economic empowerment (BEE) transaction. Comair will achieve a BEE shareholding of 16,1%, structured via a combination of a cash purchase of shares and a vendor facilitated share issue.

Lafarge signs R1,1-billion BEE deal
Lafarge South Africa on Friday signed a R1,1-billion empowerment deal with consortium Sinako that may result in 26% of its quarries and 10% of its manufacturing businesses in South Africa being sold. Lafarge Mining incorporates aggregates and limestone, and Lafarge Industries incorporates cement, gypsum-plasterboard and ready mix concrete manufacturing.

Coega hit with court challenge over BEE
A Port Elizabeth company has taken the Coega Development Corporation to court after losing a R91-million tender allegedly because it had no black partners. Media reports said on Friday that Scribante Construction's tender for a infrastructure contract was R8-million cheaper than the one that had been awarded.

Datatec, ALT form R800m new BEE company
South African IT group Datatec announced on Tuesday that its South African operations will merge with African Legend Technologies (ALT) to form an R800-million-a-year IT company. Datatec will have a 55% shareholding and African Legend Technologies will hold the remaining 45% in the newly merged entity.

Johncom CEO in hot water over BEE hitch
Johncom CEO Connie Molusi is to decide on Tuesday whether to accept an ultimatum to leave Johncom voluntarily as chief executive, reports Business Day. It said that Molusi had had several run-ins with chairperson Mashudu Ramano over the company's black economic empowerment (BEE) strategy.

Sasol concludes R1,45bn BEE deal
South African petrochemicals group Sasol on Thursday announced that the R1,45-billion Tshwarisano black economic empowerment (BEE) transaction has been successfully concluded. In terms of the agreement, Tshwarisano acquired a 25% shareholding in Sasol's South African liquid-fuels business housed in Sasol Oil.

Business loses Patrice Motsepe to empowerment
Businessman Patrice Motsepe will be stepping down from his high-level position in business organisations to concentrate on black empowerment. He made the announcement at a media briefing on Friday after the National African Federated Chamber of Commerce's (Nafcoc) two-day biannual national conference.

Union opposes plan to limit affirmative action
The National Union of Metalworkers of South Africa (Numsa) opposed attempts by some organisations to limit affirmative action to benefit only people born before February 1990. Numsa was responding to a proposal made by the Tuks Afrikaanse Studente to limit affirmative action.Tomorrow people eye SA

Soweto hopes for an economic miracle
South Africa's famous Soweto township is undergoing an economic metamorphosis as more and more blacks join the middle class, creating a demand for top quality consumer goods. Plans are afoot in the township to build a world-class shopping mall as well as an upmarket hotel.

Fenner SA announces important BEE deal
Fenner South Africa, a manufacturer and distributor of fire-resistant conveyor belting to the local coal-mining industry in which it commands a 75% to 80% market share, has become the first of its sector to conclude a black economic empowerment (BEE) partnership, the company said in a statement on Tuesday.

Black brokers to hold conference on transformation
The Black Brokers Forum, the largest representative body of black financial-services providers in South Africa, will be hosting its first conference to address the numerous issues affecting black professionals and consumers in the local financial-services industry.

Major BEE deal signed under Property Charter
Less than two months after the Property Charter came into effect, Asset Alliance -- holding company of both South Africa's largest auction and valuation companies, Auction Alliance and Valuation Alliance -- on Thursday signed a black economic empowerment (BEE) deal at a company value of R100-million, the biggest deal in the sector to date.

DA: BEE should not sacrifice merit
While the government's affirmative action and black economic empowerment (BEE) policies help a few people in South Africa, they do so at the expense of the desperate many, says Democratic Alliance leader Tony Leon. However, if such policies are implemented without sacrificing merit, it is theoretically possible to achieve a "win-win" situation for all.

Sappi announces land-based BEE transaction
Pulp and paper group Sappi has announced that as part of its ongoing support of the South African government's broad-based black economic empowerment (BEE) objectives, 25% of its South African plantation land portfolio would be sold to an empowerment consortium.

Fresh produce business sells 28% BEE stake
A black economic empowerment company led by Mutle Mogase, chairperson of Vantage Capital, has bought a 28% stake in the Goedemoed, Vredendal, grape and tomato farming business run by Abrie Botha, a leading figure in Western Cape agriculture.

SAB to sell 40% of subsidiary to BEE group
South African Breweries Limited (SAB), a wholly owned subsidiary of SABMiller, on Thursday announced that it has finalised, subject to the fulfilment of certain conditions, the sale of 40% of its crown (bottle top) manufacturer, Coleus Packaging, to the Nokusa Consortium, led by Nokusa Investments in a black economic empowerment (BEE) transaction.

KPMG to conduct annual BEE survey
With black economic empowerment (BEE) codes of good practice and industry charters set to impact on businesses in South Africa, auditing and advisory firm KPMG is to conduct annual BEE surveys, it announced in a statement on Friday. The surveys will be conducted as at December 31 each year, starting with 2005 and the results of the first survey are scheduled to be released in June.

De Beers in process of finalising BEE sale
Diamond giant De Beers said on Wednesday it was finalising the sale of more than a quarter of its South African assets to black partners in a multi-million dollar deal, bowing to pressure to obtain more black ownership. "De Beers and Ponahalo are pleased to announce that definitive transaction agreements have now been signed," the company said in a statement issued in Johannesburg.

Govt told BEE not progressing quickly enough
The South African government has been told that progress has been very slow in achieving black economic empowerment (BEE) in South African business, with government itself contributing little in terms of procurement from black business. This emerged in a meeting between President Thabo Mbeki and his economic cluster ministers on Tuesday.

Great urgency for agreement on legal charter
There is no final agreement yet on a Legal Services Charter but finalising it is urgent, the Department of Justice and Constitutional Development said on Friday. While there is broad agreement on the need for transformation of ownership of traditionally white firms, there is no agreement on black economic empowerment quotas.

Comair sells 16,1% stake to BEE group
South African airline Comair -- the JSE-listed aviation company that operates British Airways and kulula.com in South Africa -- has selected a broad-based black investment company, Thelo Group, as its partner in a R100-million black economic empowerment (BEE) transaction. Comair will achieve a BEE shareholding of 16,1%, structured via a combination of a cash purchase of shares and a vendor facilitated share issue.

Lafarge signs R1,1-billion BEE deal
Lafarge South Africa on Friday signed a R1,1-billion empowerment deal with consortium Sinako that may result in 26% of its quarries and 10% of its manufacturing businesses in South Africa being sold. Lafarge Mining incorporates aggregates and limestone, and Lafarge Industries incorporates cement, gypsum-plasterboard and ready mix concrete manufacturing.

Coega hit with court challenge over BEE
A Port Elizabeth company has taken the Coega Development Corporation to court after losing a R91-million tender allegedly because it had no black partners. Media reports said on Friday that Scribante Construction's tender for a infrastructure contract was R8-million cheaper than the one that had been awarded.

Datatec, ALT form R800m new BEE company
South African IT group Datatec announced on Tuesday that its South African operations will merge with African Legend Technologies (ALT) to form an R800-million-a-year IT company. Datatec will have a 55% shareholding and African Legend Technologies will hold the remaining 45% in the newly merged entity.

Johncom CEO in hot water over BEE hitch
Johncom CEO Connie Molusi is to decide on Tuesday whether to accept an ultimatum to leave Johncom voluntarily as chief executive, reports Business Day. It said that Molusi had had several run-ins with chairperson Mashudu Ramano over the company's black economic empowerment (BEE) strategy.

Sasol concludes R1,45bn BEE deal
South African petrochemicals group Sasol on Thursday announced that the R1,45-billion Tshwarisano black economic empowerment (BEE) transaction has been successfully concluded. In terms of the agreement, Tshwarisano acquired a 25% shareholding in Sasol's South African liquid-fuels business housed in Sasol Oil.

Business loses Patrice Motsepe to empowerment
Businessman Patrice Motsepe will be stepping down from his high-level position in business organisations to concentrate on black empowerment. He made the announcement at a media briefing on Friday after the National African Federated Chamber of Commerce's (Nafcoc) two-day biannual national conference.

Union opposes plan to limit affirmative action
The National Union of Metalworkers of South Africa (Numsa) opposed attempts by some organisations to limit affirmative action to benefit only people born before February 1990. Numsa was responding to a proposal made by the Tuks Afrikaanse Studente to limit affirmative action.Tomorrow people eye SA

Soweto hopes for an economic miracle
South Africa's famous Soweto township is undergoing an economic metamorphosis as more and more blacks join the middle class, creating a demand for top quality consumer goods. Plans are afoot in the township to build a world-class shopping mall as well as an upmarket hotel.

Fenner SA announces important BEE deal
Fenner South Africa, a manufacturer and distributor of fire-resistant conveyor belting to the local coal-mining industry in which it commands a 75% to 80% market share, has become the first of its sector to conclude a black economic empowerment (BEE) partnership, the company said in a statement on Tuesday.

Black brokers to hold conference on transformation
The Black Brokers Forum, the largest representative body of black financial-services providers in South Africa, will be hosting its first conference to address the numerous issues affecting black professionals and consumers in the local financial-services industry.

Major BEE deal signed under Property Charter
Less than two months after the Property Charter came into effect, Asset Alliance -- holding company of both South Africa's largest auction and valuation companies, Auction Alliance and Valuation Alliance -- on Thursday signed a black economic empowerment (BEE) deal at a company value of R100-million, the biggest deal in the sector to date.

DA: BEE should not sacrifice merit
While the government's affirmative action and black economic empowerment (BEE) policies help a few people in South Africa, they do so at the expense of the desperate many, says Democratic Alliance leader Tony Leon. However, if such policies are implemented without sacrificing merit, it is theoretically possible to achieve a "win-win" situation for all.

Sappi announces land-based BEE transaction
Pulp and paper group Sappi has announced that as part of its ongoing support of the South African government's broad-based black economic empowerment (BEE) objectives, 25% of its South African plantation land portfolio would be sold to an empowerment consortium.

Fresh produce business sells 28% BEE stake
A black economic empowerment company led by Mutle Mogase, chairperson of Vantage Capital, has bought a 28% stake in the Goedemoed, Vredendal, grape and tomato farming business run by Abrie Botha, a leading figure in Western Cape agriculture.

SAB to sell 40% of subsidiary to BEE group
South African Breweries Limited (SAB), a wholly owned subsidiary of SABMiller, on Thursday announced that it has finalised, subject to the fulfilment of certain conditions, the sale of 40% of its crown (bottle top) manufacturer, Coleus Packaging, to the Nokusa Consortium, led by Nokusa Investments in a black economic empowerment (BEE) transaction.

KPMG to conduct annual BEE survey
With black economic empowerment (BEE) codes of good practice and industry charters set to impact on businesses in South Africa, auditing and advisory firm KPMG is to conduct annual BEE surveys, it announced in a statement on Friday. The surveys will be conducted as at December 31 each year, starting with 2005 and the results of the first survey are scheduled to be released in June.

De Beers in process of finalising BEE sale
Diamond giant De Beers said on Wednesday it was finalising the sale of more than a quarter of its South African assets to black partners in a multi-million dollar deal, bowing to pressure to obtain more black ownership. "De Beers and Ponahalo are pleased to announce that definitive transaction agreements have now been signed," the company said in a statement issued in Johannesburg.

Govt told BEE not progressing quickly enough
The South African government has been told that progress has been very slow in achieving black economic empowerment (BEE) in South African business, with government itself contributing little in terms of procurement from black business. This emerged in a meeting between President Thabo Mbeki and his economic cluster ministers on Tuesday.

Great urgency for agreement on legal charter
There is no final agreement yet on a Legal Services Charter but finalising it is urgent, the Department of Justice and Constitutional Development said on Friday. While there is broad agreement on the need for transformation of ownership of traditionally white firms, there is no agreement on black economic empowerment quotas.

Comair sells 16,1% stake to BEE group
South African airline Comair -- the JSE-listed aviation company that operates British Airways and kulula.com in South Africa -- has selected a broad-based black investment company, Thelo Group, as its partner in a R100-million black economic empowerment (BEE) transaction. Comair will achieve a BEE shareholding of 16,1%, structured via a combination of a cash purchase of shares and a vendor facilitated share issue.

Lafarge signs R1,1-billion BEE deal
Lafarge South Africa on Friday signed a R1,1-billion empowerment deal with consortium Sinako that may result in 26% of its quarries and 10% of its manufacturing businesses in South Africa being sold. Lafarge Mining incorporates aggregates and limestone, and Lafarge Industries incorporates cement, gypsum-plasterboard and ready mix concrete manufacturing.

Coega hit with court challenge over BEE
A Port Elizabeth company has taken the Coega Development Corporation to court after losing a R91-million tender allegedly because it had no black partners. Media reports said on Friday that Scribante Construction's tender for a infrastructure contract was R8-million cheaper than the one that had been awarded.

Datatec, ALT form R800m new BEE company
South African IT group Datatec announced on Tuesday that its South African operations will merge with African Legend Technologies (ALT) to form an R800-million-a-year IT company. Datatec will have a 55% shareholding and African Legend Technologies will hold the remaining 45% in the newly merged entity.

Johncom CEO in hot water over BEE hitch
Johncom CEO Connie Molusi is to decide on Tuesday whether to accept an ultimatum to leave Johncom voluntarily as chief executive, reports Business Day. It said that Molusi had had several run-ins with chairperson Mashudu Ramano over the company's black economic empowerment (BEE) strategy.

Sasol concludes R1,45bn BEE deal
South African petrochemicals group Sasol on Thursday announced that the R1,45-billion Tshwarisano black economic empowerment (BEE) transaction has been successfully concluded. In terms of the agreement, Tshwarisano acquired a 25% shareholding in Sasol's South African liquid-fuels business housed in Sasol Oil.

Business loses Patrice Motsepe to empowerment
Businessman Patrice Motsepe will be stepping down from his high-level position in business organisations to concentrate on black empowerment. He made the announcement at a media briefing on Friday after the National African Federated Chamber of Commerce's (Nafcoc) two-day biannual national conference.

Union opposes plan to limit affirmative action
The National Union of Metalworkers of South Africa (Numsa) opposed attempts by some organisations to limit affirmative action to benefit only people born before February 1990. Numsa was responding to a proposal made by the Tuks Afrikaanse Studente to limit affirmative action.Tomorrow people eye SA

Soweto hopes for an economic miracle
South Africa's famous Soweto township is undergoing an economic metamorphosis as more and more blacks join the middle class, creating a demand for top quality consumer goods. Plans are afoot in the township to build a world-class shopping mall as well as an upmarket hotel.

Fenner SA announces important BEE deal
Fenner South Africa, a manufacturer and distributor of fire-resistant conveyor belting to the local coal-mining industry in which it commands a 75% to 80% market share, has become the first of its sector to conclude a black economic empowerment (BEE) partnership, the company said in a statement on Tuesday.

Black brokers to hold conference on transformation
The Black Brokers Forum, the largest representative body of black financial-services providers in South Africa, will be hosting its first conference to address the numerous issues affecting black professionals and consumers in the local financial-services industry.

Major BEE deal signed under Property Charter
Less than two months after the Property Charter came into effect, Asset Alliance -- holding company of both South Africa's largest auction and valuation companies, Auction Alliance and Valuation Alliance -- on Thursday signed a black economic empowerment (BEE) deal at a company value of R100-million, the biggest deal in the sector to date.

DA: BEE should not sacrifice merit
While the government's affirmative action and black economic empowerment (BEE) policies help a few people in South Africa, they do so at the expense of the desperate many, says Democratic Alliance leader Tony Leon. However, if such policies are implemented without sacrificing merit, it is theoretically possible to achieve a "win-win" situation for all.

Sappi announces land-based BEE transaction
Pulp and paper group Sappi has announced that as part of its ongoing support of the South African government's broad-based black economic empowerment (BEE) objectives, 25% of its South African plantation land portfolio would be sold to an empowerment consortium.

Fresh produce business sells 28% BEE stake
A black economic empowerment company led by Mutle Mogase, chairperson of Vantage Capital, has bought a 28% stake in the Goedemoed, Vredendal, grape and tomato farming business run by Abrie Botha, a leading figure in Western Cape agriculture.

SAB to sell 40% of subsidiary to BEE group
South African Breweries Limited (SAB), a wholly owned subsidiary of SABMiller, on Thursday announced that it has finalised, subject to the fulfilment of certain conditions, the sale of 40% of its crown (bottle top) manufacturer, Coleus Packaging, to the Nokusa Consortium, led by Nokusa Investments in a black economic empowerment (BEE) transaction.

KPMG to conduct annual BEE survey
With black economic empowerment (BEE) codes of good practice and industry charters set to impact on businesses in South Africa, auditing and advisory firm KPMG is to conduct annual BEE surveys, it announced in a statement on Friday. The surveys will be conducted as at December 31 each year, starting with 2005 and the results of the first survey are scheduled to be released in June.

De Beers in process of finalising BEE sale
Diamond giant De Beers said on Wednesday it was finalising the sale of more than a quarter of its South African assets to black partners in a multi-million dollar deal, bowing to pressure to obtain more black ownership. "De Beers and Ponahalo are pleased to announce that definitive transaction agreements have now been signed," the company said in a statement issued in Johannesburg.

Govt told BEE not progressing quickly enough
The South African government has been told that progress has been very slow in achieving black economic empowerment (BEE) in South African business, with government itself contributing little in terms of procurement from black business. This emerged in a meeting between President Thabo Mbeki and his economic cluster ministers on Tuesday.

Great urgency for agreement on legal charter
There is no final agreement yet on a Legal Services Charter but finalising it is urgent, the Department of Justice and Constitutional Development said on Friday. While there is broad agreement on the need for transformation of ownership of traditionally white firms, there is no agreement on black economic empowerment quotas.

Comair sells 16,1% stake to BEE group
South African airline Comair -- the JSE-listed aviation company that operates British Airways and kulula.com in South Africa -- has selected a broad-based black investment company, Thelo Group, as its partner in a R100-million black economic empowerment (BEE) transaction. Comair will achieve a BEE shareholding of 16,1%, structured via a combination of a cash purchase of shares and a vendor facilitated share issue.

Lafarge signs R1,1-billion BEE deal
Lafarge South Africa on Friday signed a R1,1-billion empowerment deal with consortium Sinako that may result in 26% of its quarries and 10% of its manufacturing businesses in South Africa being sold. Lafarge Mining incorporates aggregates and limestone, and Lafarge Industries incorporates cement, gypsum-plasterboard and ready mix concrete manufacturing.

Coega hit with court challenge over BEE
A Port Elizabeth company has taken the Coega Development Corporation to court after losing a R91-million tender allegedly because it had no black partners. Media reports said on Friday that Scribante Construction's tender for a infrastructure contract was R8-million cheaper than the one that had been awarded.

Datatec, ALT form R800m new BEE company
South African IT group Datatec announced on Tuesday that its South African operations will merge with African Legend Technologies (ALT) to form an R800-million-a-year IT company. Datatec will have a 55% shareholding and African Legend Technologies will hold the remaining 45% in the newly merged entity.

Johncom CEO in hot water over BEE hitch
Johncom CEO Connie Molusi is to decide on Tuesday whether to accept an ultimatum to leave Johncom voluntarily as chief executive, reports Business Day. It said that Molusi had had several run-ins with chairperson Mashudu Ramano over the company's black economic empowerment (BEE) strategy.

Sasol concludes R1,45bn BEE deal
South African petrochemicals group Sasol on Thursday announced that the R1,45-billion Tshwarisano black economic empowerment (BEE) transaction has been successfully concluded. In terms of the agreement, Tshwarisano acquired a 25% shareholding in Sasol's South African liquid-fuels business housed in Sasol Oil.

Business loses Patrice Motsepe to empowerment
Businessman Patrice Motsepe will be stepping down from his high-level position in business organisations to concentrate on black empowerment. He made the announcement at a media briefing on Friday after the National African Federated Chamber of Commerce's (Nafcoc) two-day biannual national conference.

Union opposes plan to limit affirmative action
The National Union of Metalworkers of South Africa (Numsa) opposed attempts by some organisations to limit affirmative action to benefit only people born before February 1990. Numsa was responding to a proposal made by the Tuks Afrikaanse Studente to limit affirmative action.Tomorrow people eye SA

Soweto hopes for an economic miracle
South Africa's famous Soweto township is undergoing an economic metamorphosis as more and more blacks join the middle class, creating a demand for top quality consumer goods. Plans are afoot in the township to build a world-class shopping mall as well as an upmarket hotel.

Fenner SA announces important BEE deal
Fenner South Africa, a manufacturer and distributor of fire-resistant conveyor belting to the local coal-mining industry in which it commands a 75% to 80% market share, has become the first of its sector to conclude a black economic empowerment (BEE) partnership, the company said in a statement on Tuesday.

Black brokers to hold conference on transformation
The Black Brokers Forum, the largest representative body of black financial-services providers in South Africa, will be hosting its first conference to address the numerous issues affecting black professionals and consumers in the local financial-services industry.

Major BEE deal signed under Property Charter
Less than two months after the Property Charter came into effect, Asset Alliance -- holding company of both South Africa's largest auction and valuation companies, Auction Alliance and Valuation Alliance -- on Thursday signed a black economic empowerment (BEE) deal at a company value of R100-million, the biggest deal in the sector to date.

DA: BEE should not sacrifice merit
While the government's affirmative action and black economic empowerment (BEE) policies help a few people in South Africa, they do so at the expense of the desperate many, says Democratic Alliance leader Tony Leon. However, if such policies are implemented without sacrificing merit, it is theoretically possible to achieve a "win-win" situation for all.

Sappi announces land-based BEE transaction
Pulp and paper group Sappi has announced that as part of its ongoing support of the South African government's broad-based black economic empowerment (BEE) objectives, 25% of its South African plantation land portfolio would be sold to an empowerment consortium.

Fresh produce business sells 28% BEE stake
A black economic empowerment company led by Mutle Mogase, chairperson of Vantage Capital, has bought a 28% stake in the Goedemoed, Vredendal, grape and tomato farming business run by Abrie Botha, a leading figure in Western Cape agriculture.

SAB to sell 40% of subsidiary to BEE group
South African Breweries Limited (SAB), a wholly owned subsidiary of SABMiller, on Thursday announced that it has finalised, subject to the fulfilment of certain conditions, the sale of 40% of its crown (bottle top) manufacturer, Coleus Packaging, to the Nokusa Consortium, led by Nokusa Investments in a black economic empowerment (BEE) transaction.

KPMG to conduct annual BEE survey
With black economic empowerment (BEE) codes of good practice and industry charters set to impact on businesses in South Africa, auditing and advisory firm KPMG is to conduct annual BEE surveys, it announced in a statement on Friday. The surveys will be conducted as at December 31 each year, starting with 2005 and the results of the first survey are scheduled to be released in June.

De Beers in process of finalising BEE sale
Diamond giant De Beers said on Wednesday it was finalising the sale of more than a quarter of its South African assets to black partners in a multi-million dollar deal, bowing to pressure to obtain more black ownership. "De Beers and Ponahalo are pleased to announce that definitive transaction agreements have now been signed," the company said in a statement issued in Johannesburg.